Practice

U.S. Rep. George Miller of California is probably the best friend 401(k) investors have on Capitol Hill.

Despite market opposition, Argentina recently cut tax breaks for mutual funds and financial trusts, satisfying the center-left government promise to raise taxes on financial earnings, Reuters reports.

Pax World Management Corporation has settled charges by the Securities and Exchange Commission that two of its funds, Pax World Growth and Pax World High Yield, purchased securities that violated their fund policies.

Securities and Exchange Commission Chairman Christopher Cox and US Secretary of Labor Elaine L Choa have signed a Memorandum of Understanding (MOU) to formalize and strengthen the cooperation and relationship between their two agencies. The purpose of the MOU is to share information, related to investments and retirement, to help protect Americans’ $5.8 trillion in retirement assets.

Fund management firm Philam Asset Management Inc. (PAMI), a division of American International Group, is now offering investors a Personal Investment Program (PIP), aimed at offering investors an affordable savings plan for their future.

TIAA-CREF’s ads for its Individual Retirement Accounts inferred that government and military employees who contributed to their Thrift Savings Plan were up against a time clock because the TSPs “retire.” Fidelity’s ads simply call the TSP “old.” TIAA-CREF has pulled its ads, but Fidelity, claiming all of its communications go through legal review, is still running them.

The Securities and Exchange Commission’s Office of Compliance Inspections and Examination released a new ComplianceAlert recognizing common flaws and weaknesses among mutual fund companies.

John Hancock Variable Annuities has launched a new value-added program that aims to help advisors expand their business by developing guaranteed retirement income plans for their clients.

Despite difficult market conditions, Americans continued to save more for retirement last year, according to the Investment Company Institute.

The Department of Labor on Tuesday proposed requiring 401(k) plan fiduciaries to supply investors with standard account summaries that will clearly state fees, expenses and any administrative costs such as legal, accounting and recordkeeping charges-in actual dollars. Plans will also have to provide performance figures and comparable benchmark returns, information on investment options and how to obtain more detailed information, including education and/or advice.